International Scientific Journal of Engineering and Management

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ISSN: 2583-6129

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A STUDY ON IMPACT OF MICROFINANCE INITIATIVES ON POVERTY ALLEVIATION AND COMMUNITY DEVELOPMENT

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A STUDY ON IMPACT OF MICROFINANCE INITIATIVES ON POVERTY ALLEVIATION AND COMMUNITY DEVELOPMENT

Dr. SHALINI P ¹   RAKESH J ²

¹Assistant Professor Dept. of Management Studies, Panimalar Engineering College, Chennai.

² Student Dept. of Management Studies, Panimalar Engineering College, Chennai.

 

ABSTRACT: Microfinance initiatives have emerged as powerful tools for poverty alleviation and community development. This study examines the impact of microfinance initiatives at the Ponneri Urban Co-operative Credit Societies Ltd (PUCCSL) on poverty alleviation and community development.  The sample size for the study is 210. This abstract outlines the impact of microfinance initiatives on poverty alleviation and community development at the Ponneri Urban Co-operative Credit Societies Ltd (PUCCSL) stems from the urgency to assess the efficacy of these initiatives in addressing the pressing socio-economic challenges within the Ponneri community. The study investigates the impact of microfinance initiatives on income level, Self-Help Group (SHG) loans, microfinance initiatives towards employment opportunities and overall impact of microfinance on poverty alleviation. The data were collected from respondents through a well-structured questionnaire. The tools used are non-parametric tests (H- Test, U-Test, Correlation). Overall, the findings of this study highlight the significant positive impact of microfinance initiatives at PUCCSL on poverty alleviation and community development in the Ponneri region. By continuing to innovate and expand its microfinance offerings, PUCCSL remains well-positioned to drive further social and economic progress in Ponneri and empower individuals to build a better future for themselves and their communities.

Keywords: Microfinance, Self-Help Group (SHG), Income level, Employment opportunity, poverty alleviation, Socio-economic growth


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